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AOH 14.0¢

Ann: Appendix 3B

  1. So much for the board acknowledging the risk and perseverence taken by the long-time small shareholder of AOH. If AOH performed badly, the shareholder would have lost badly. Now that AOH has performed adequately in its evolution to a small scale producer, the MD benefits enormously. AOH is still a high risk investment.

    A very adequate salary already pays for the MD's skill and dedication. Additional share handouts should be allocated by the board retrospectively for EXCEPTIONAL performance by the MD, not in anticipation of an EXCEPTIONAL performance that we hope and trust he will give.

    The reasoning by the board (which includes the chairman) appears to be "well let us see how much we can take from the owners (lambs) before they start to bleet".

    There are other small oil and gas, and mining companies which are evolving very satisfactorily and have a better intrinsic value performance than AOH. Their directors are not being rewarded to the same degree.

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